WPP : submits proposal to acquire remaining shares in WPP AUNZ
November 30, 2020 at 04:27 am EST
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WPP submits proposal to acquire remaining shares in WPP AUNZ
30 Nov 2020
WPP has submitted a proposal to the Board of WPP AUNZ Limited ('WPP AUNZ') to pursue an acquisition of the remaining shares in WPP AUNZ. WPP currently holds a stake of approximately 61.5% of the share capital of WPP AUNZ, which is listed on the Australian Securities Exchange (ASX:WPP). The proposed acquisition is in line with WPP's global strategy of simplifying its structure and will move WPP to 100% ownership and control of its Australian and New Zealand operations.
The proposal made by WPP, of A$0.55 per share in cash, represents a premium of approximately 34.1% to the closing price of WPP AUNZ on 27 November 2020. The total aggregate consideration payable by WPP for the remaining shares would be approximately A$181m. The proposal has not yet been put to WPP AUNZ shareholders and there is no certainty that the acquisition will complete. The proposal is subject to customary conditions (including regulatory approvals) and, if implemented, is expected to be completed in 2021.
Further information
Chris Wade, WPP } +44 (0)20 7282 4600
Peregrine Riviere, WPP } +44 (0)7909 907193
About WPP
WPP is a creative transformation company. We use the power of creativity to build better futures for our people, clients and communities. For more information, visit www.wpp.com.
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WPP plc published this content on 30 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 November 2020 09:26:04 UTC
WPP plc is one of the world's largest communication groups. Net sales break down by activity as follows:
- advertising and marketing services (77.5%): operating through GroupM, AKQA, Ogilvy, Wunderman Thompson, VMLY&R and Hogarth. The group also develops an advertising space purchase activity and offers services in institutional and financial communications, healthcare communications, relationship marketing, etc.;
- public relations (8.5%): Burson Cohn & Wolfe, Hill+Knowlton Strategies and FGS Global;
- specialized communication services (6.7%): Landor & Fitch and Design Bridge and Partners.
Net sales are distributed geographically as follows: the United Kingdom (13.9%), Continental and Western Europe (19.9%), North America (38.5%) and Asia/Pacific/Latin America/Africa/Middle East/Central and Eastern Europe (27.7%).